BJ's Restaurants Inc (BJRI) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the BJ's Restaurants first-quarter 2026 earnings release conference call.

下午好，歡迎參加 BJ's Restaurants 2026 會計年度第一季財報發布電話會議。

(Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Rana Schirmer, Director of SEC Reporting. Please go ahead.

(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給 SEC 申報總監 Rana Schirmer。請開始。

Thank you, operator. Good afternoon, everyone, and welcome to our fiscal year 2026 first quarter investor conference call and webcast. After the market closed today, we released our financial results for our fiscal 2026 first quarter. You can view the full text of our earnings release on our website at www.bjsrestaurants.com.

謝謝，接線員。各位下午好，歡迎參加我們 2026 會計年度第一季投資人電話會議與網路直播。今天收盤後，我們已發布 2026 會計年度第一季的財務結果。您可至我們的網站 www.bjsrestaurants.com 查看財報新聞稿全文。

I will begin by reminding you that our comments on the conference call today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements.

首先提醒各位，我們今天在電話會議中的評論將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。投資人應注意，前瞻性陳述並非未來績效的保證，不應過度依賴此類陳述。

These statements are based on management's current business and market expectations, and our actual results could differ materially from those projections in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events, or otherwise, unless required to do so by the securities laws.

這些陳述係基於管理層目前對業務與市場的預期，而我們的實際結果可能與前瞻性陳述中的預測存在重大差異。除非證券法規要求，否則我們不承擔公開更新或修訂任何前瞻性陳述，或因新資訊、未來事件或其他原因而作出任何其他前瞻性陳述的義務。

Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the company's filings with the Securities and Exchange Commission. We will start today's call with prepared remarks from Lyle Tick, our Chief Executive Officer and President, followed by Todd Wilson, our Chief Financial Officer, after which we will take your questions.

投資人可參閱本公司向美國證券交易委員會（SEC）提交之文件中，關於前瞻性陳述相關風險與不確定性的完整討論。今天的電話會議將先由我們的執行長兼總裁 Lyle Tick 發表準備好的談話，接著由財務長 Todd Wilson 發言，之後我們將回答各位的提問。

And with that, I will turn the call over to Lyle. Lyle?

接下來，我把電話交給 Lyle。Lyle？

Thank you, Rana. Good afternoon, everyone, and thank you for joining us to discuss our Q1 financial results, operating performance, and outlook. Q1 was another strong quarter for BJ's. We delivered our seventh consecutive quarter of sales and traffic growth, along with our sixth consecutive quarter of profit dollar growth and EBITDA margin expansion.

謝謝你，Rana。各位下午好，感謝各位加入我們，一同討論第一季財務結果、營運表現與展望。第一季對 BJ's 而言又是一個強勁的季度。我們連續第七個季度實現銷售與來客數成長，同時也連續第六個季度實現利潤金額成長與 EBITDA 利潤率擴張。

Same-store sales increased 2.4%, driven primarily by 2.2% traffic growth, continuing to outperform Black Box casual dining benchmarks by roughly 120 basis points on sales and close to 400 basis points on traffic. On the profit side, restaurant-level operating margins were 16%, and adjusted EBITDA margins reached 10.5%, up 30 basis points year-over-year.

同店銷售成長 2.4%，主要由 2.2% 的來客數成長所帶動，持續優於 Black Box 休閒餐飲基準：銷售約高出 120 個基點，來客數接近高出 400 個基點。獲利方面，餐廳層級營運利潤率為 16%，調整後 EBITDA 利潤率達 10.5%，年增 30 個基點。

Our consistent performance continues to reflect the progress we're making across our four strategic priorities, focused on building a winning culture, improving our food, enhancing our atmosphere, and driving WOW hospitality and executional consistency. A few notable Q1 highlights in context. Valentine's Day performance was exceptional. Approximately half of our restaurants set new daily sales records, while 14 set weekly records, reinforcing our strength in the social spoage occasion.

我們一貫的表現持續反映出在四大策略優先事項上的進展：打造致勝文化、提升餐點品質、強化用餐氛圍，以及推動 WOW 式待客之道與執行一致性。以下是第一季幾項值得一提的亮點。情人節表現非常出色。約有一半的餐廳創下單日銷售新高，另有 14 家創下單週新高，進一步鞏固我們在社交聚會場合的優勢。

We delivered Q1 results with roughly 20% lower media spend year-over-year as we continue to optimize how we deploy marketing dollars while ensuring we have sufficient resources to drive Q2, or what we call the celebration season. This is a testament to the progress our marketing and culinary teams have made in refining our go-to-market strategy and how best to leverage our product news and media.

在我們持續優化行銷預算投放方式、同時確保有足夠資源推動第二季（我們稱之為「慶祝季」）的前提下，我們以約較去年同期少 20% 的媒體支出交出第一季成績。這證明我們的行銷與餐飲團隊在精煉上市策略，以及如何更有效運用產品訊息與媒體方面所取得的進展。

The quarter had its fair share of volatility, including approximately 70 basis points of weather-related headwinds year-on-year. Importantly, the teams managed this volatility effectively while growing sales and protecting margins. We are also encouraged by the results of some of our tests and recent programming we put into the market.

本季也出現相當程度的波動，包括約 70 個基點的天候相關逆風（相較去年同期）。重要的是，團隊有效管理了這些波動，在提升銷售的同時也守住了利潤率。我們也對部分測試與近期導入市場的活動方案結果感到鼓舞。

Overall, total beverage sales stabilized in Q1 behind growth in nonalcoholic beverages, our 22-ounce beer upgrade, and a successful seasonal beer offering in our waterfall beer, which was a collaboration with Sapporo Breweries, hitting on growing segment trends like lower ABV, sessionable drinks, and Japanese-style rice beer, which is one of the few growing segments in craft beer.

整體而言，第一季飲料總銷售趨於穩定，主要受非酒精飲品成長、22 盎司啤酒升級方案，以及我們「Waterfall」季節啤酒的成功帶動；該產品是與 Sapporo Breweries 的合作，切中低酒精濃度（lower ABV）、適合長時間飲用（sessionable）的飲品，以及日式米啤酒等成長趨勢，而日式米啤酒也是精釀啤酒中少數仍在成長的品類之一。

Our chicken sandwich renovations have shown a clear positive impact in tests, improving the chicken sandwich and overall handheld performance, and we'll be rolling them out as we move into Q3. Our premium Wagyu burger with a custom blend patty has garnered a lot of interest in trial and provides a top-of-the-barrel anchor in the burger category.

我們對雞肉三明治的改良在測試中展現明顯的正面影響，提升了雞肉三明治以及整體手持類餐點的表現，我們將在進入第三季時逐步推廣。我們採用客製混合肉排的高端和牛漢堡，在試吃體驗中引發高度興趣，並在漢堡品類中提供一個頂級的旗艦定位。

This has just moved into a full system, limited-time feature, and will become part of our menu burger lineup as we move into Q3 as well. Overall, I'm pleased with our Q1 results and encouraged by the positive momentum in the business as we head into Q2 and our growing outperformance versus black box casual dining benchmarks.

該產品剛剛已轉為全系統的限時主打品項，並將在我們進入第三季時納入菜單的漢堡產品線。整體而言，我對第一季結果感到滿意，也對我們在邁入第二季時的正向動能，以及相對 Black Box 休閒餐飲基準持續擴大的領先表現感到鼓舞。

18-plus months into my journey at BJ's, we have a clear road map, have made material progress in building stronger foundations, and we intend to continue to focus on bringing guests a better BJ's by investing in our food, our people, and our atmosphere, ensuring these elements continue to work in concert to drive performance.

在我加入 BJ's 的 18 個多月以來，我們已建立清晰的路線圖，在打造更強健的基礎方面取得實質進展；我們也將持續聚焦於透過投資餐點、人才與用餐氛圍，為顧客帶來更好的 BJ's，並確保這些要素協同運作以推動績效。

While there's still a significant amount of work and opportunity ahead, we have made tangible progress across several areas. We have seen significant improvement across our guest metrics since Q3 of 2024, with our Net Promoter Score improving roughly 10%. Our team member retention continues to be better than pre-pandemic levels and is trending positively.

雖然前方仍有大量工作與機會，但我們在多個領域已取得具體進展。自 2024 年第三季以來，我們的顧客指標顯著改善，淨推薦值（NPS）約提升 10%。我們的團隊成員留任率持續優於疫情前水準，且趨勢向好。

Both hourly and management turnover are improving on a trailing 12-month average and tracking 12-plus percentage points below black box industry benchmarks as we continue to strive to make BJ's a better, easier, and more rewarding place for our team members.

無論是計時人員或管理層的離職率，以過去 12 個月平均來看皆在改善，且較 Black Box 產業基準低 12 個以上百分點；我們持續努力讓 BJ's 成為團隊成員更好、更容易、也更有回報的工作場所。

The work we're doing to upgrade our menu offerings, while still in its early stages, is reflected in improvement in our food scores, our momentum with younger guests, and our new product performance. Since the launch of the all-American Smashburger in June of 2025, the burger category has been delivering roughly 30% more sales than prior to the launch.

我們在升級菜單供應上的工作雖仍處於早期階段，但已反映在餐點評分的提升、我們在年輕顧客族群的動能，以及新品表現上。自 2025 年 6 月推出全美風味 Smashburger 以來，漢堡品類的銷售較推出前約增加 30%。

Pizza has also performed well since its introduction, with category sales up about 20%, and we're beginning to see encouraging signs that the new pizza is improving repeat visits amongst guests who try it. Seasonal Pizookies continue to resonate, particularly with younger guests, contributing to both traffic and growth in dessert sales. Our value scores have materially improved behind the Pizookie meal deal and an improved overall experience, reinforcing our complete value proposition.

披薩自導入以來表現也很出色，品類銷售約成長 20%；我們也開始看到令人鼓舞的跡象：新披薩正在提升嘗試過的顧客之回訪率。季節限定 Pizookies 仍深受歡迎，尤其在年輕顧客中更具共鳴，對來客數與甜點銷售成長皆有貢獻。在 Pizookie 套餐優惠與整體體驗改善的帶動下，我們的價值評分已顯著提升，進一步強化我們完整的價值主張。

And our marketing strategy continues to evolve with greater emphasis on social and word of mouth to support our new products, complemented by selective use of broader media to deliver value messaging. At the same time, we've materially improved margins over the last 18 months while making significant investments in our restaurants and guest experience through our remodels and facilities programs.

我們的行銷策略也持續演進，更加著重社群與口碑以支持新品，同時搭配選擇性使用更廣泛的媒體來傳遞價值訊息。同時，在過去 18 個月中，我們在大幅投資餐廳與顧客體驗（透過翻新與設施計畫）的情況下，仍實質改善了利潤率。

We are, however, still in the early innings, and the vast majority of our opportunities still lie ahead of us. The last six quarters of sales and traffic growth have been driven predominantly by traffic. We have brought a younger, hard-to-reach guest into our restaurants, lifted frequency, and meaningfully reset BJ's relevance in casual dining.

不過，我們仍處於早期階段，絕大多數的機會仍在前方。過去六個季度的銷售與來客數成長，主要由來客數所驅動。我們吸引了更年輕且難以觸及的顧客進入餐廳，提高了來訪頻率，並在休閒餐飲領域顯著重塑了 BJ's 的相關性。

As we look ahead, we will continue to build on the drivers of success to date while moving to further balance the model where traffic, as well as average check and mix carry weight, over time. The Wagyu burger I mentioned earlier is an example of the category management work we're doing on the menu.

展望未來，我們將持續在迄今成功的驅動因素上再接再厲，同時逐步讓模式更為均衡，使來客數以及平均客單價與組合（mix）在時間推移下都能發揮影響力。我先前提到的和牛漢堡，就是我們在菜單上進行品類管理工作的例子。

Sitting alongside the all-American Smashburger that remains a hero at the opening price point of the category, the Wagyu burger gives guests a premium trade-up option, building a clear, good, better, best strategy within a high-affinity category.

與仍以該品類入門價位擔當主力的全美風味 Smashburger 並列，和牛漢堡為賓客提供高端升級選擇，在高偏好品類中建立清晰的「好、更好、最好」策略。

In addition, we're moving into a test with a premium tier on the Pizookie meal deal, giving our most engaged guests a path to trade up while still reinforcing 2 core and ownable BJ's equities in variety and the Pizookie. We continue to work across the menu, extending the structured approach to category renovation. I'll share more information in the coming quarters as we gain more learnings from our market tests.

此外，我們正針對 Pizookie 套餐優惠測試加入高端層級，讓我們最投入的賓客在持續強化 BJ’s 兩項核心且可自有化的優勢——多樣性與 Pizookie——的同時，也有升級路徑。我們持續在全菜單推進，將此結構化方法延伸至品類翻新。隨著我們從市場測試中獲得更多學習，我會在未來幾季分享更多資訊。

The progress to date, combined with the work ahead, will help us maintain momentum while continuing to allow us to improve flow-through over time. I'm confident in our plans and our commitment to investing in our people, ensuring they have the tools and support needed to bring our brands to life every day, advancing operational excellence, making BJ's better and easier for both team members and guests, continuing to improve our food offerings and guest experience, and setting the foundation for future net unit growth.

迄今的進展，加上後續的工作，將幫助我們維持動能，同時也讓我們能隨時間持續提升流轉效益。我對我們的計畫以及對投資員工的承諾充滿信心，確保他們擁有每天讓品牌落地所需的工具與支持，推進營運卓越，讓 BJ’s 對團隊成員與賓客而言都更好、更容易，持續改善餐點供應與賓客體驗，並為未來淨店數成長奠定基礎。

On net unit development, our prototype work is progressing at a pace. The two planned openings later this year are in Buckeye, Arizona, and Joliet, Illinois, and they will showcase a meaningfully improved guest experience. These markets represent a mix of an established performance market in Buckeye, Arizona, and a development opportunity in Illinois, where we expect approximately restaurants to benefit from increased brand awareness and operational leverage.

在淨店數開發方面，我們的原型店工作正以穩健速度推進。今年稍晚計畫開出的兩家新店位於亞利桑那州 Buckeye 與伊利諾伊州 Joliet，將展現顯著提升的賓客體驗。這些市場兼具：亞利桑那州 Buckeye 這類已建立績效的市場，以及伊利諾伊州的開發機會；在伊利諾伊州，我們預期約有餐廳將受益於品牌知名度提升與營運槓桿。

As we build the pipeline, we will stay focused on refining the prototype to continue to improve the consistency and financial returns of future openings. Q1 delivered another strong quarter for BJ's and reflects our continued progress, sustained traffic-driven growth, and share gain.

在建立開店管線的同時，我們將持續專注於精進原型店，以進一步提升未來開店的一致性與財務回報。第一季為 BJ’s 再度交出強勁的一季，反映我們持續的進展、由來客數帶動的成長動能，以及市占提升。

While the environment remains dynamic, we enter Q2 with positive momentum, strong plans, and growing outperformance versus black box casual dining benchmarks, and a focus on continuing to build on the foundations we've laid across our strategic priorities.

儘管環境仍具動態變化，我們以正向動能、扎實計畫進入第二季，且相較於黑盒子（black box）休閒餐飲基準的表現持續擴大領先，同時專注於在我們各項策略優先事項所奠定的基礎上再接再厲。

Before I close, I would like to thank all our BJ's team members from our restaurants through to the support center for their passion and commitment in bringing our promise to life every day for our guests. Q1 was not without its volatility, navigating multiple severe weather episodes, and our teams took care of each other, our guests, and our restaurants, and adjusted in real time to deliver another strong result for BJ's.

在結語之前，我想感謝所有 BJ’s 團隊成員——從餐廳到支援中心——每天以熱情與承諾為賓客實現我們的品牌承諾。第一季並非沒有波動，我們經歷多次嚴重天氣事件，而我們的團隊彼此照應、照顧賓客與餐廳，並即時調整，為 BJ’s 再次交出強勁成果。

Thank you, and I will now turn it over to Todd for more color on our financial results and our outlook.

謝謝，接下來我把時間交給 Todd，請他補充更多財務結果與展望的細節。

Thank you, Lyle, and good afternoon, everyone. We delivered a strong first quarter with traffic-driven sales growth, generating an increase of $1.6 million in restaurant-level operating profit and a $2.4 million increase in adjusted EBITDA. As Lyle noted, we achieved these gains while navigating sales volatility, including 70 basis points of winter weather headwinds.

謝謝你，Lyle，各位下午好。我們第一季表現強勁，銷售成長由來客數帶動，餐廳層級營運利潤增加 160 萬美元，調整後 EBITDA 增加 240 萬美元。如 Lyle 所提，我們在應對銷售波動的同時仍達成這些增長，其中包含冬季天氣帶來的 70 個基點逆風。

Total revenue for the quarter was $358.1 million, a 2.9% increase versus last year. Comparable restaurant sales increased 2.4%, led by a 2.2% traffic growth and a 0.2% increase in average check. The traffic-led growth underscores the continued strength of our brand and our increasing guest frequency.

本季總營收為 3.581 億美元，較去年增加 2.9%。同店銷售成長 2.4%，其中來客數成長 2.2% 為主要帶動，平均客單價增加 0.2%。由來客數帶動的成長凸顯我們品牌持續的強勁力道，以及賓客來訪頻率的提升。

Restaurant-level operating profit was $57.2 million, a $1.6 million increase versus last year. Margins were stable at 16%, reflecting strong operational execution in a shifting environment. Cost of sales was 25.1%, a sequential improvement from 25.5% in the fourth quarter.

餐廳層級營運利潤為 5,720 萬美元，較去年增加 160 萬美元。毛利率維持在 16% 穩定水準，反映在變動環境下強勁的營運執行力。銷售成本為 25.1%，較第四季的 25.5% 連續改善。

While this is a 10 basis points increase versus last year, led by anticipated beef inflation, we mitigated much of the impact with operational improvements, including reduced food waste and continued progress in our gross-to-net initiative focused on simplifying the efforts of our team members and more consistent execution for guests.

雖然相較去年增加 10 個基點，主要受預期的牛肉通膨帶動，但我們透過營運改善抵消了大部分影響，包括降低食材浪費，以及在「毛額到淨額」（gross-to-net）計畫上的持續進展；該計畫聚焦於簡化團隊成員的作業並為賓客帶來更一致的執行。

Our menu evolution has also brought upgraded and new items to our guests, like pizza and seasonal Pizookies that are delivering increasing incidents, great guest satisfaction, and carry a favorable cost structure. Total labor expense was 36.3% of sales, a 20 basis points increase versus last year. Core labor expense, including hourly wages, management, and benefits, was unchanged from last year.

我們的菜單演進也為賓客帶來升級與新品項，例如披薩與季節性 Pizookies，正帶動更高的點購發生率、優異的賓客滿意度，且具備有利的成本結構。總人力費用占銷售額 36.3%，較去年增加 20 個基點。核心人力費用（含時薪、管理層與福利）與去年持平。

Our operations were efficient while also delivering meaningful gains in guest satisfaction. The reported increase was driven entirely by higher workers' compensation costs resulting from rising medical expenses despite our team's good work in reducing the number of claims. We expect this pressure to begin to normalize in the back half of the year.

我們的營運效率良好，同時在賓客滿意度方面也取得顯著提升。本次報告的增幅完全來自勞工補償成本上升，係因醫療費用走高所致，儘管我們團隊在降低申請案件數方面表現良好。我們預期這項壓力將在下半年開始趨於正常化。

Occupancy and operating expense was 22.7% of sales, a 30 basis point reduction versus last year. This reflects a strategic decision to shift marketing dollars into the second quarter to support our high-volume celebration season. It also reflects the good work our marketing team has done to optimize channel mix and drive better return on our investments with increased focus on social and digital channels.

租金與營運費用占銷售額 22.7%，較去年下降 30 個基點。這反映我們策略性決定將部分行銷預算移至第二季，以支援我們高量的慶祝季。同時也反映行銷團隊在優化渠道組合方面的成果，並透過更聚焦社群與數位渠道，提升投資報酬。

General and administrative costs are $22 million and 6.1% of sales, a 20 basis points reduction versus last year. Depreciation expense increased 110 basis points compared to last year, largely due to a one-time catch-up entry. Excluding this, the underlying increase was 30 basis points, reflecting our ongoing remodel program and new unit investment.

一般及行政費用為 2,200 萬美元，占銷售額 6.1%，較去年下降 20 個基點。折舊費用較去年增加 110 個基點，主要由一次性的追補入帳所致。若排除此因素，基礎增幅為 30 個基點，反映我們持續的改裝計畫與新店投資。

These component parts delivered an adjusted EBITDA increase to $37.7 million as compared to $35.4 million last year. This represents a 30 basis points increase to 10.5% of sales. The strong business performance resulted in significant free cash flow that we deployed for three primary purposes.

上述各項因素推動調整後 EBITDA 增至 3,770 萬美元，去年為 3,540 萬美元。這代表占銷售額比重提升 30 個基點至 10.5%。強勁的營運表現帶來可觀的自由現金流，我們將其用於三個主要用途。

First, we invested $15.8 million in capital expenditures, primarily maintaining our restaurants and completing five remodels. Second, we repurchased and retired approximately 151,000 common shares for $5.3 million. Third, we repaid $23 million of debt. We ended the first quarter with net funded debt of $39.3 million, a significant reduction compared to $61.2 million at the end of 2025.

第一，我們投入 1,580 萬美元資本支出，主要用於餐廳維護並完成 5 家改裝。第二，我們以 530 萬美元回購並註銷約 151,000 股普通股。第三，我們償還 2,300 萬美元債務。第一季末我們的淨有息負債為 3,930 萬美元，較 2025 年底的 6,120 萬美元大幅下降。

With my first 100 days at BJ's complete, I would like to share an update on my initial areas of focus and the opportunity I see in front of us. Initially, my priority was stabilizing, building my immediate team, and strengthening the foundational processes within our accounting and finance functions.

我在 BJ’s 的前 100 天已完成，我想就我初期的重點工作與我所看到的機會，提供最新進展。一開始，我的優先事項是穩定局面、建立我的直接團隊，並強化我們會計與財務職能中的基礎流程。

We are fortunate to have many great team members in place, and I'm pleased to have bolstered the team in key areas, including the addition of Ashley Van as our accounting leader, whom we announced a few weeks ago. With that groundwork in place, my focus has shifted to partnering more closely with Lyle and the broader leadership team to accelerate our growth initiatives.

我們很幸運已有許多優秀的團隊成員在位，我也很高興在關鍵領域強化團隊，包括幾週前我們宣布新增 Ashley Van 擔任會計主管。在這些基礎到位後，我的重心已轉向與 Lyle 及更廣泛的領導團隊更緊密合作，加速我們的成長計畫。

This includes our efforts to continue driving top-line sales growth through great operations, marketing efforts, and remodels, driving further margin gains in the middle of the P&L, and enhancing our unit economics to accelerate new restaurant growth. While I was optimistic when I joined in December, I'm even more energized by what I see today.

這包括：透過卓越營運、行銷投入與改裝，持續推動營收端成長；在損益表中段推動進一步的利潤率提升；以及強化單店經濟模型，以加速新餐廳成長。我在 12 月加入時就已相當樂觀，而今天所看到的一切更讓我充滿幹勁。

The BJ's brand clearly resonates with a broad and growing cross-section of consumers. Our team is highly engaged, and we are continuing to build sales, traffic, and profitability. I am confident we have a significant runway ahead.

BJ’s 品牌顯然與廣泛且持續成長的消費者族群產生共鳴。我們的團隊高度投入，我們也持續提升銷售、來客數與獲利能力。我有信心，我們前方仍有相當可觀的成長跑道。

Now turning to our 2026 financial outlook. We are reiterating all metrics in our 2026 full-year financial guidance. I will provide additional color for modeling purposes. First, comparable restaurant sales and traffic trends to start the second quarter are off to a strong start and continue to beat the Black Box casual dining benchmark.

現在轉到我們對 2026 年的財務展望。我們重申 2026 全年財務指引中的所有指標。我將提供更多補充說明，以利建模。首先，第二季初的可比餐廳銷售與來客數趨勢開局強勁，並持續優於 Black Box 休閒餐飲基準。

Second, we expect the second quarter to be the peak for commodity inflation this year, which will likely result in a Q2 cost-of-sales percentage marginally higher than Q1. In response, we are tracking towards a midyear menu update engineered to further optimize product mix. Combined with our planned pricing actions, we expect to fully offset the inflation impact in the second half of the year.

第二，我們預期第二季將是今年商品成本通膨的高峰，這可能使第二季的銷售成本率略高於第一季。為此，我們正朝向年中菜單更新推進，並透過設計以進一步優化產品組合。結合我們規劃的定價措施，我們預期在下半年可完全抵銷通膨影響。

Next, we expect occupancy and operating expenses to be approximately 23% of sales in Q2 as we reinvest the marketing favorability captured in Q1 to drive sales performance in our high-volume celebration season. Lastly, construction is underway for our new restaurant in Joliet, and we are on track to break ground in Buckeye in the coming weeks. We expect to record nominal preopening expenses in Q2 and Q3, with approximately 80% concentrated in Q4 as these restaurants open.

接著，我們預期第二季的租賃占用成本與營運費用約占銷售額的 23%，因為我們將第一季取得的行銷有利因素再投入，以在我們高量的慶祝旺季帶動銷售表現。最後，位於 Joliet 的新餐廳已在施工中，我們也預計在未來幾週於 Buckeye 動工。我們預期在第二季與第三季認列少量的開店前費用，其中約 80% 將集中於第四季，隨著這些餐廳開幕而發生。

As a reminder, we target roughly $700,000 in pre-opening costs per opening. Overall, our sales and traffic trends are strong, providing a solid foundation for the business. We are implementing targeted improvements across our menu, operations, and marketing tactics. As inflationary pressures ease, we expect these actions to further enhance performance, positioning us for accelerating profit growth in the second half of the year.

提醒一下，我們每開一家店的開店前成本目標約為 70 萬美元。整體而言，我們的銷售與來客數趨勢強勁，為業務提供穩固基礎。我們正針對菜單、營運與行銷策略推動精準改善。隨著通膨壓力緩解，我們預期這些行動將進一步提升表現，使我們在下半年加速獲利成長。

In closing, the first quarter was a strong start to the year, defined by healthy traffic growth and resilient margins. This performance is a direct result of the hard work and dedication shown by our restaurant teams, field operators, and everyone at the support center.

總結來說，第一季為今年帶來強勁開局，特徵是健康的來客數成長與具韌性的利潤率。這項表現直接來自我們餐廳團隊、區域營運團隊以及支援中心所有同仁的辛勤付出與投入。

Thank you for your hard work and commitment. Looking ahead, we are confident that our strategic plan, combined with strong execution, will drive sustainable growth and create long-term value for our shareholders. With that, we'll turn the call over to the operator for questions.

感謝各位的努力與承諾。展望未來，我們有信心，策略計畫結合強勁執行力，將推動可持續成長並為股東創造長期價值。接下來我們把電話交給主持人進行提問。

Brian Bittner, Oppenheimer & Company.

Brian Bittner，Oppenheimer & Company。

Just want to ask about same-store sales. The seven consecutive quarters of traffic growth are very impressive, as is the outperformance against the benchmark. And it speaks for itself. So, I really want to ask about the average check side of the equation. It was flattish in the first quarter, which is definitely an improvement from where you were in 4Q.

我想問一下同店銷售。連續七個季度的來客數成長非常令人印象深刻，且相對基準的超越表現也同樣出色。而且這些數字本身就說明了一切。所以我真正想問的是平均客單價這一端。第一季基本持平，這確實比你們在第四季的情況有所改善。

But I want to ask about the opportunity for the average check to become a bigger contributor to comp growth as the year unfolds? And perhaps what type of average check is embedded in your 2026 outlook for same-store sales growth of 1% to 3%.

但我想問的是，隨著今年推進，平均客單價是否有機會成為同店成長更大的貢獻來源？以及你們在 2026 年同店銷售成長 1% 到 3% 的展望中，隱含了什麼樣的平均客單價假設。

Sure. Brian, this is Lyle. I'll start and turn it over to Todd. Yes. I mean, look, I'm really pleased with the consistent traffic growth and outperformance that we've been seeing and with the moderation of the check compression, which I think we signaled to be expected in Q4 of last year when we were talking about this year.

當然。Brian，我是 Lyle。我先回答，然後交給 Todd。是的。我的意思是，你看，我對我們看到的持續來客數成長與超越表現非常滿意，也對客單下滑壓力的趨緩感到滿意；我認為我們在去年第四季談到今年時，就已經提示這是可預期的。

And so I think it's moving along very much the way that we expected it to, as we lap some of the performance from last year and then start to be able to layer in some of the other growth drivers. So right, in Q4, I think we had a very strong seasonal Pizookie play, then towards the end, we started to be able to lay in pizza, building on that mix. And then, as you see us coming into this year, we continue to build on pizza.

因此我認為進展大致符合我們的預期：在我們消化去年部分表現的比較基期後，接著開始能疊加其他成長動能。所以沒錯，在第四季，我們有非常強勁的季節性 Pizookie 推廣，然後到後段我們開始導入披薩，在組合上延伸那股動能。而如你所見，進入今年後，我們持續在披薩上加碼。

As I started to talk about in my comments, things like the Wagyu burger, the chicken sandwich refresh, the PMD tiering, and other menu work we're doing, we've got a planful approach as we go forward that we think will continue to moderate and allow both of those levers to work for us as we go forward. So, in terms of the exact price or check built into the model?

如同我在發言中開始提到的，像是和牛漢堡、雞肉三明治更新、PMD 分級，以及我們正在進行的其他菜單工作，我們有一套有計畫的方法往前推進；我們認為這將持續讓情況趨緩，並讓這兩個槓桿在未來持續發揮作用。所以，至於模型中納入的確切價格或客單？

Yes, Brian, I'll jump in there. So relative to the guidance, what's embedded in our model is checked in a range of, call it, flat to plus 1%. As Lyle alluded to, we think that progressively advances through the year, both as we lap different items and as some of these new initiatives come on board.

是的，Brian，我來補充一下。就指引而言，我們模型中隱含的客單約在持平到成長 1% 的區間。如 Lyle 所提到的，我們認為這會在全年逐步改善，一方面因為比較基期的因素，另一方面也因為一些新計畫陸續上線。

But we think Q1, marginally positive check in Q1. We think that's one side of the bookend. We think it could be as high as a plus 1% on the year, as some of these different initiatives take hold.

不過我們認為第一季的客單是小幅正成長。我們認為那是區間的一端。隨著不同計畫逐步發酵，全年客單成長最高可能達到 1%。

And my follow-up is just really zooming out here. Can you give us maybe a state of the union updated state of the union on your plans for accelerating unit growth? How are you thinking about the near-term building blocks that are in place to accelerate unit expansion?

我的追問是，從更宏觀的角度來看。你能否提供一個最新的整體概況，談談你們加速展店（單店數成長）的計畫？你們如何看待短期內已具備、可用來加速展店的基礎要素？

And just as it relates to the longer-term opportunity, have you had a chance now that you've been there for a while, to maybe create a road map on how you are thinking about what the proper growth algorithm for this company is over the next many, many years?

另外就長期機會而言，你在那裡也有一段時間了，是否已經有機會建立一份路線圖，說明你如何思考未來很多很多年，這家公司適當的成長演算法應該是什麼？

So yes, I'll answer both those questions. So first of all, I guess as we take a step back and we look at laying the foundations for unit growth as we go forward. I mean, I think our first stage of it was looking and making the geographical decision about where we want to grow, which I think I've talked about in terms of growing out from where we already have a footprint versus going greenfield and the concentric circle approach.

好的，我會回答這兩個問題。首先，當我們退一步來看，並思考未來展店成長的基礎建設。我認為第一階段是做出地理上的決策：我們要在哪裡成長；我之前也談過，是從既有據點向外擴張，而不是去做全新開發（greenfield），採取同心圓式的擴張策略。

The second part of that was getting to a new prototype design. Really, the first part of that job is getting to a prototype that we feel like our guests and our team members are going to love, and we feel great about what we've seen so far. And so that's step two, and that will be reflected in the next two openings.

第二部分是打造新的原型店設計。這項工作的第一步，是真正做出一個我們相信顧客與團隊成員都會喜歡的原型，而我們對目前看到的成果感到非常滿意。所以這是第二步，並將反映在接下來兩家新店的開幕上。

Then I think the second job after you've established that is, as you go forward, we want to make it commercially exciting for all of us to accelerate growth. While the new units that we have to date have been a good use of capital, and that they've hurdled our weighted cost of capital. It's been a responsible use.

接著我認為，在你建立好這些之後，下一個工作是：往前走時，我們希望讓加速成長在商業上對大家都更具吸引力。雖然截至目前的新店在資本運用上是良好的，且其報酬已跨越我們的加權資本成本。這是一種負責任的運用方式。

We have much higher ambitions for that as we go forward and look to tune in the prototype, both through actual engineering of the prototype, but also flexibility in the size of the box, as I've talked about, a mix of first and second-generation space. Then, when I talk about the box also just challenging existing assumptions, right? There had been an assumption that BJ's was going to have something from 35 to 40 taps. So this is just one example.

但我們對未來有更高的企圖心，並希望持續調校原型店：一方面透過對原型的實際工程設計，另一方面也透過店面盒體（box）尺寸的彈性，如我所談到的，結合第一代與第二代店面空間的組合。此外，當我談到盒體時，也包括挑戰既有假設，對吧？過去有個假設是 BJ's 會需要 35 到 40 個啤酒龍頭。這只是其中一個例子。

But when you do the productivity analysis, we probably need 20, and those are mostly driven by our BJ's beers. And when you start to kind of look through the opportunities and follow the numbers, there are a lot of benefits to play off of something like that, everything from cost to build, to ongoing maintenance of the infrastructure, to OpEx costs.

但當你做生產力分析後，我們可能只需要 20 個，而這些多半由我們的 BJ's 自有啤酒所驅動。當你開始檢視各種機會並依數據推進時，像這樣的調整可以帶來很多好處，從建造成本到基礎設施的持續維護，再到營運費用（OpEx）成本。

So, just taking a holistic look at everything as we go forward. If I get my head up and look at the growth, we're looking to open a couple this year. I would say mid-single digits next year, moving towards double digits as we go into 2028 and beyond.

因此，展望未來，我們會以更全面的角度來看整體情況。如果我把視野拉高、看成長，我們今年計畫再開幾家。我會說明年大約是中個位數成長，並在邁入2028年及之後逐步走向雙位數。

And I feel like we have significant headroom in filling out our existing markets prior to actually having to go greenfield. So, as we've done our analysis, we will share more about the long-term growth algorithm as we go forward. But I feel very confident in the headroom that we have to grow BJ's units.

而且我覺得，在真正需要進行綠地開發（greenfield）之前，我們在既有市場的加密布局仍有相當大的空間。因此，隨著我們完成分析，我們會在未來分享更多關於長期成長模型（growth algorithm）的內容。但我對我們擴增BJ's門店數的成長空間非常有信心。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，巴克萊。

Thank you very much. My first question is just drilling down on the comp. I think you mentioned a growing outperformance versus the industry. I'm wondering if you could share maybe the sequential trends through the quarter and more specifics for April. And I recall last quarter, you saying you thought all 4 quarters would be within that 1% to 3% range.

非常感謝。我的第一個問題是想更深入談談同店（comp）。我想你提到相對於產業的超越幅度正在擴大。想請你分享一下本季內逐月（sequential）的趨勢，以及4月更具體的情況。我也記得上季你說你認為四個季度都會落在1%到3%的區間。

So just looking for some context there. And just lastly, whether or not gas price volatility, I know you mentioned weather was a big impact. I didn't mention gas. I'm just wondering whether you saw any kind of pressure or things in a sequential trend, as there was a spike in gas.

所以想請你提供一些背景脈絡。最後一點，關於油價波動——我知道你提到天氣影響很大。你沒有提到油價。我想了解在油價上升時，你們是否看到任何壓力，或在逐月趨勢上出現一些變化。

Yes. I mean, thank you, Jeffrey, by the way, this is Lyle. I can only speak for our consumer. But our consumer has remained very resilient. When we look across Q1, we saw a very consistent performance across the periods in Q1 for our brand and our consumer.

是的。Jeffrey，順帶一提謝謝你，我是Lyle。我只能就我們的消費者來談。但我們的消費者一直非常有韌性。當我們回看第一季，我們看到在第一季各期間，我們品牌與消費者的表現都非常一致。

And as we've entered Q2, based on black box benchmarks, we have seen some of the delta between our performance and the category performance, our performance accelerates versus the category. But at least to date, obviously, we're keeping a very close eye on our consumer and their behavior. We really have seen a resilient consumer and resilient behavior, at least with respect to BJ's.

而進入第二季後，根據Black Box的基準數據，我們看到我們的表現與品類表現之間的差距有所變化——我們相對於品類的表現正在加速。但截至目前，當然我們仍非常密切關注消費者及其行為。至少就BJ's而言，我們確實看到消費者與其行為都很有韌性。

Jeffrey, Todd here. I'll chip in on a few of those, just building on in kind of the word you asked. Relative to Black Box, Lyle may have said it in his prepared remarks, but we beat in Q1, we beat the benchmark by 3.3%. Encouragingly, that was across every geography that we operate in. So it was a consistent outperformance for our business, which is good to see.

Jeffrey，我是Todd。我補充幾點，延伸你問到的內容。就Black Box而言，Lyle可能在事先準備的發言中提過，我們在第一季比基準高出3.3%。令人鼓舞的是，這在我們營運的每個地區都成立。所以我們的業務呈現一致性的超越表現，這點很不錯。

I think you asked about as well the quarterly same-store sales cadence. We talked last time about an annual expectation of 1% to 3% growth. We obviously reiterated that in terms of our full-year guidance. And I'd say we still feel good with that. We're able to deliver that growth consistently quarter after quarter. So I think that's consistent with what we would have shared in our last update.

我想你也問到季度同店銷售的節奏。我們上次談到全年預期為1%到3%的成長。我們也在全年指引中再次重申這點。我會說我們對此仍感到樂觀。我們有能力在每一季、逐季穩定地交付這樣的成長。所以我認為這與我們上次更新時分享的內容一致。

And then my follow-up is just taking a step back, Lyle. I think on a couple of occasions in your prepared remarks, you said you think the brand is still in the early innings. Seemingly, you've had some strong momentum and a number of quarters of accelerating strength. So, just wondering what exactly early innings means?

接著我的追問是，退一步看，Lyle。我想你在事先準備的發言中有幾次提到，你認為品牌仍處於「早期階段」（early innings）。看起來你們動能很強，而且已經有好幾季呈現加速走強。所以想請問你所說的「早期階段」具體是什麼意思？

What are you referring to in terms of where you see the greatest further opportunity, whether it's a long-term target that you're aspiring towards or whether there's a North Star or a player in the industry that you aspire to be like? Just wondering what exactly that means when you say early innings. What are you referring to?

你指的是你認為未來最大機會在哪裡——是你們正在追求的長期目標，或是有某個北極星指標（North Star），或是產業中你們希望成為的對標玩家？想了解你說「早期階段」到底是什麼意思。你指的是哪些面向？

Yes. Well, I mean, one, very broadly, I'm 18 months roughly or a little bit more than that into a journey of, I think, what I've talked about, which is creating a more durable, consistent, and sustainable performance platform for BJ's that we expect and want to deliver on into the future.

是的。嗯，第一，從很宏觀的角度來說，我大約投入這段旅程18個月，或稍微多一點；我想我談過的重點是，為BJ's打造一個更耐久、更一致、也更可持續的績效平台，並且我們期望、也希望在未來持續交付。

I think secondarily to that, a lot of the work that we've done in the first 18 months, what we'll continue to build off of, I would say, is foundational. So we put a lot of work into foundationally improving what we called our table stakes operations. And we see that coming through in our scores and our retention. But that is a foundation for us to then continue to improve operations.

第二，過去18個月我們做了很多工作，而我們接下來會持續在其上建構的，我會說是偏基礎性的。因此，我們投入大量心力在基礎層面改善我們所稱的「基本功」營運（table stakes operations）。我們也看到這反映在我們的評分與留存率上。但這只是基礎，讓我們能在此之上持續改善營運。

We solidified our value platform with the Pizookie meal deal. But as I alluded to in our comments, as you then get that platform solidified, the question is after that step one, where are you going with step two and three, and we talked about some of the tiering. Then, really, on the menu work, we're really early doors there. The first real category renovation that we did was pizza, and I think we solidified our seasonal program for Pizookie.

我們透過Pizookie套餐（Pizookie meal deal）鞏固了我們的價值主張平台。但正如我在評論中提到的，當你把這個平台穩固下來後，問題是完成第一步之後，第二步與第三步要往哪裡走——我們談到了一些分層（tiering）。再來，關於菜單的工作，我們其實才剛起步。我們做的第一個真正的品類翻新是披薩，而我認為我們也把Pizookie的季節性方案穩定下來了。

But we have a lot more ahead of us in continuing to do the menu work. And while I speak about all of those things individually, the idea is that as those things come together over time, they ultimately create a strong flywheel for BJ's working collectively together to deliver sustained performance. So when I look at where we're at, I would still say we are in the early innings of the journey with more opportunity ahead.

但在持續推進菜單工作方面，我們前面還有很多要做。雖然我把這些事情分開來談，但核心想法是：當這些事情隨時間逐步整合到一起時，最終會共同形成一個強勁的飛輪效應，讓BJ's各項要素協同運作，交付可持續的表現。所以當我看我們目前的位置，我仍會說我們處於這段旅程的早期階段，前方還有更多機會。

But I do think we've identified our strategic priorities, and they'll guide us as we go forward, but there's more room in all of them. And obviously, we haven't even touched on really starting to get development going again. That's clearly in its early stages.

但我確實認為我們已經識別出我們的策略優先事項，它們會在未來指引我們前進，但每一項都還有更大的發揮空間。而且很明顯，我們甚至還沒有真正開始重新推動展店開發。那部分顯然也還在非常早期的階段。

Great. Thank you.

很好。謝謝。

Thank you, Jeffrey.

謝謝你，Jeffrey。

Alexander Slagle, Jefferies.

Alexander Slagle，Jefferies。

Hey, thanks. I wanted to follow up on the Puzzuki meal deal, just sort of how you're feeling about the progress there and the next steps you talked about to further refine the offering, maybe with more attachment and upgrade options and the tiering options that you're testing.

嗨，謝謝。我想追問一下Pizookie套餐（Pizookie meal deal），主要是你們對目前進展的感受，以及你提到的下一步——進一步精煉這個方案，例如提高加購（attachment）與升級（upgrade）選項，還有你們正在測試的分層選項（tiering options）。

Yes, sure. So I mean, I feel really good about the Puzuki meal deal. It continues to resonate. It continues to bring in traffic and do its job and importantly, bring new people into BJ's that based on our numbers, is providing an improved experience.

是的，當然。我對Pizookie套餐的表現感覺非常好。它持續引起共鳴。它持續帶來客流並發揮它該有的作用；更重要的是，根據我們的數據，它把新客帶進BJ's，而這些新客正在獲得更好的體驗。

So that is exciting because hopefully, a number of those people are going to have a good experience and come back to us. When I think about evolving the Pizookie meal deal, there's a couple of different things that I would point to.

所以這令人興奮，因為希望其中有不少人會有良好體驗並回流。當我思考如何演進Pizookie套餐時，我會指出幾個不同的方向。

One is, as I talked about some of the chicken sandwich work that we have done and how we've felt confident in what we've seen in testing and are going to roll those out as part of Q3 menu. We're taking an opportunity within PMD, for example, at the $13 level to retire one of our less-performing items on there, and we're going to bring in a core chicken sandwich.

第一，如我談到我們在雞肉三明治上的一些工作，以及我們在測試中看到的結果讓我們很有信心，並將在第三季菜單中推出。例如在PMD中，我們會把握機會，在13美元價位上淘汰其中一個表現較弱的品項，並加入一款核心雞肉三明治。

The reason I mentioned that is because if you remember, the Smashburger, we introduced the Smashburger exclusively on PMD and, then it became very popular and people wanted it, and then it became a mainstay on the menu. So we are going to be doing a couple of premium chicken sandwiches on the menu, but an entry chicken sandwich on PMD that I think potentially could play a similar role for chicken sandwiches as hopefully Smashburger did for burgers for us.

我之所以提到這點，是因為如果你還記得，Smashburger 我們一開始是在 PMD 上獨家推出，之後變得非常受歡迎，大家都想要，最後就成為菜單上的常駐品項。所以我們會在菜單上推出幾款高端雞肉三明治，但在 PMD 上會有一款入門級雞肉三明治；我認為它有機會在雞肉三明治上扮演類似的角色，就像我們希望 Smashburger 之於漢堡一樣。

Then there's the tiering, which is we have a lot of people who come and engage in PMD, and we wanted to give them an opportunity for our best and most frequent customers who are coming in and taking advantage of that deal to have trade-up opportunities.

接著是分層策略，也就是我們有很多人會來參與 PMD，我們希望給他們一個機會，讓我們最好的、最常來的顧客——那些進店並利用這個優惠的人——有升級加購的機會。

And so we've developed a premium tier offering. It's just a few offerings where we're able to condense the 13 a little bit, open up a trade-up tier a little bit. And I'm excited to see how the test goes. It's going to start in the next couple of days here. But we feel good about the products that we're putting into that tier. We think it will be a compelling partnership to the 13.

因此我們開發了一個高端層級的產品組合。就是少數幾個品項，讓我們能把原本的 13 個品項稍微精簡一些，同時把升級層級再打開一點。我很期待看看測試結果如何。這項測試會在接下來幾天內開始。但我們對放進這個層級的產品很有信心。我們認為它會是對 13（美元價位帶/方案）很有吸引力的搭配。

And then just on marketing spend, just remind us of the percentage of sales in the 1Q and what the 2Q outlook looks like? I know you gave some comments on that.

另外關於行銷支出，能否提醒我們第一季占銷售額的百分比是多少，以及第二季的展望如何？我知道你之前有提到一些評論。

Yes. When I look at marketing spend, I guess the thing that I would point us back to is that when we look at it year-over-year in terms of the full year marketing spend, we're planning flat year-over-year. I think it's 2.2%, if I'm not mistaken, reinvestment from a marketing spend percentage point of view. So we did make a strategic decision to move dollars out of Q1 to reinforce Q2.

好的。談到行銷支出，我想提醒大家的是：如果以全年行銷支出做年對年比較，我們的規劃是年對年持平。如果我沒記錯，從行銷支出占比的角度來看，約為 2.2% 的再投資。因此我們確實做了一個策略性決策，把部分預算從第一季移到第二季，以強化第二季。

As I said, we call it celebration season. It's kind of one of our most critical seasons. And that was because when you think about the natural shape of our year, and what the important quarters are. And then Q1 is always a choppy time. You have weather, you've got January, and people eating and drinking differently and all those types of things.

如我所說，我們稱之為「慶祝季」。這算是我們最關鍵的季節之一。這是因為當你思考我們一年自然的走勢，以及哪些季度最重要時，會得到這樣的結論。而第一季一向比較波動。你會遇到天氣因素、1 月份，以及人們飲食與飲酒習慣改變等各種因素。

So we felt that with our evolved marketing strategy, we could get more adolescent in Q1 and reinforce Q2. And so the biggest shift is really between Q2 and Q1. But overall, the percentage of sales year-on-year will remain flat.

因此我們認為，隨著我們演進後的行銷策略，我們可以在第一季採取較為保守的做法，並強化第二季。所以最大的調整其實是在第二季與第一季之間。但整體而言，行銷支出占銷售額的比例年對年會維持持平。

All right. Thank you.

好的。謝謝。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Hi. Thanks for taking the question. Sorry if I missed this, but I'm curious what you learned from your first pizza LTO. And then when you talk about the growth that you saw in pizza and burger, which is really quite amazing, what have you seen consumers shift away from? Kind of what did that come at the expense of?

嗨。謝謝讓我提問。如果我漏聽了先說抱歉，但我很好奇你們從第一次披薩 LTO（限時供應）學到了什麼。另外，當你談到披薩和漢堡的成長——確實非常驚人——你們看到消費者是從哪些品類轉移過來的？也就是說，這樣的成長是以犧牲哪些品項為代價？

Yes. So the LTO, the Mike's Hot Honey LTO, it performed really well. It was our third, I believe, highest performing pizza in our pizza lineup, which we felt pretty good about. It had really good scores. You may see it rear its head again sometime later in the year. So we felt really good about that. We've actually just moved into our next pizza LTO, it's a Barada pizza.

是的。所以那個 LTO，也就是 Mike's Hot Honey 的 LTO，表現非常好。我相信它是我們披薩產品線中表現第三高的披薩，這讓我們感覺相當不錯。它的評分也很好。你可能會在今年稍晚再看到它重新登場。所以我們對此感覺非常好。我們其實剛剛已經進入下一個披薩 LTO，是一款 Barada 披薩。

So think of like a margarita pizza, but with Barad and cheese, which I'm pretty excited about. It's a nice premium offering, but also not a meat-based offering. So excited about that. You may actually try it soon, Sharon. In terms of, sorry, the second part of the question, with respect to the growth of burgers and the growth of pizza, I mean, we've seen the sales growth.

你可以把它想成像瑪格麗特披薩，但加了 Barad 和起司，我對此相當期待。它是一個不錯的高端選項，但同時也不是以肉類為主的產品。所以很期待。Sharon，你可能很快就能試到。至於問題的第二部分，關於漢堡與披薩的成長，我的意思是，我們確實看到了銷售成長。

We've seen units per store per day growth. And overall, we've seen trading into pizza and trading into burgers is margin accretive to the menu. So we feel good about any sort of incident movement there from a margin percentage point of view.

我們也看到每店每日銷量（units per store per day）的成長。整體而言，消費者轉向披薩與轉向漢堡，對菜單毛利是有增益的。因此從毛利率的角度來看，任何這類的品項移動我們都覺得不錯。

Where we've seen probably a little bit of movement around the menu, is in some of our steaks and slow roast category and in some of our specialty entrees, we've seen some movement there, while we've seen a lot of growth in pizza and burgers.

我們在菜單上可能看到一些變動的地方，是在部分牛排與慢烤（slow roast）品類，以及一些特色主菜；在披薩與漢堡大幅成長的同時，那些品類出現了一些移動。

Okay. Thank you.

好的。謝謝。

Sure.

不客氣。

Nerses Setyan, Mizuho.

Nerses Setyan，Mizuho。

Thanks for taking the question. It was very helpful the cost commentary and the other OpEx commentary, but I didn't hear anything about labor. Would you mind sharing what your thoughts are on Q2 labor and maybe for the full year?

謝謝讓我提問。你們對成本以及其他營運費用（OpEx）的評論很有幫助，但我沒有聽到關於人力的部分。方便分享一下你們對第二季人力成本的看法，以及可能對全年的人力成本看法嗎？

And then just the bigger picture, where do you think the opportunities around remaining cost cuts and efficiency initiatives are across the P&L?

另外從更宏觀的角度來看，你認為在損益表（P&L）各項目上，剩餘的成本削減與效率提升計畫，機會主要在哪裡？

Yes, Nerses, this is Todd. I'll start there. As we look at labor, if I look at last year in Q2, we ran a little over 35%, 35.4%. Part of our commentary on Q1, navigating those weather ups and downs, is not easy for an ops team. And we were really pleased with the job our team did in Q1, both on the margin side and the guest experience side, but we certainly feel like there's an opportunity there as we go forward.

好的，Nerses，我是 Todd。我先從這裡開始。就人力而言，如果看去年第二季，我們的人力成本占比略高於 35%，是 35.4%。我們在第一季的評論中提到，要在天氣起伏中應對並不容易，對營運團隊來說尤其如此。我們對團隊在第一季的表現非常滿意，不論是毛利表現或顧客體驗，但我們也確實覺得未來仍有改善空間。

And so as we look at the balance of the year, we think there's an opportunity to improve our labor margins. Primarily, certainly, the traffic traction that we have leads that as traffic grows, we're able to leverage our fixed costs. And so that's a leading piece of it. But there are specific initiatives in place.

因此，展望今年剩餘時間，我們認為有機會改善人力毛利。主要原因當然是，我們目前的來客數動能，隨著來客數成長，我們能更好地攤提固定成本。這是其中一個關鍵因素。但我們也有一些具體的計畫正在推動。

We work with our operators on a daily and weekly basis to learn what best practices are and how to implement those across the system. So as we look forward, we think there's an opportunity to improve that through the balance of the year.

我們每天、每週都與營運夥伴合作，學習最佳實務並將其在整個系統中落地。因此往前看，我們認為在今年剩餘時間裡有機會持續改善。

Jon Tower, Citi.

Jon Tower，Citi。

Great. Thanks for taking the questions. Maybe starting, obviously, moving to this premiumization test on the PMD is interesting. I'm just curious, is this something that's spawned by consumer behavior that you're already seeing, meaning someone's coming in, getting the $13.99, and then adding a few more things to the menu such that you feel comfortable with the idea of moving in this direction?

很好。謝謝讓我提問。先從這點開始：顯然在 PMD 上進行高端化測試很有意思。我想了解的是，這是否源自你們已經觀察到的消費者行為？也就是說，有人進來買 13.99 美元的方案，然後再加點幾樣菜單上的東西，因此你們對往這個方向走感到更有把握？

So it's less spurred by that, although we do see people coming in for the Pizookie Meal Deal and adding appetizers. Obviously, it doesn't include a drink. So the vast majority of Pizookie Meal Deals also have a drink attached to them.

這個方向比較不是由此驅動，雖然我們確實看到有人為了 Pizookie Meal Deal 而來，並加點開胃菜。很明顯，這個方案不包含飲料。因此，絕大多數的 Pizookie Meal Deals 都會另外加上一杯飲料。

So those are opportunities. It's really just the idea of as we go forward, optimizing that $13 segment to the most high-performing products within the segment and then giving those people who are coming in looking for that kind of social splurge need state, but looking for kind of an entry point like the Pizookie Meal Deal to give them a place to go if they want to go for something more premium.

所以那裡確實有加購機會。但核心其實是：往前看，我們要把 13 美元價位帶最佳化，聚焦在該價位帶中表現最好的產品；同時，對於那些帶著「社交型小奢侈」需求狀態而來、但又想要像 Pizookie Meal Deal 這樣入門點的人，如果他們想要更高端的選擇，我們也要提供他們一個去處。

And so that it's a hypothesis based on what we see in our business, is the way people navigate our broad menu. We see a lot of people come in at different entry points when they're going to that social squares occasion. Then secondarily, obviously, observations in the market about how this tiering can work and work effectively for your business.

因此，這是一個基於我們在自身業務中所觀察到情況的假設，也就是人們如何在我們廣泛的菜單中進行選擇與瀏覽。我們看到很多人在要參加那種社交聚會場合時，會從不同的切入點進來。其次，當然也有市場端對於這種分層如何運作、以及如何能有效服務於您的業務的觀察。

Maybe pivoting a little bit, but the World Cups are coming up, and it will be at the end of your fiscal second quarter. Obviously, you talked about the idea of the celebration season as being something that's important.

也許稍微轉個方向，世界盃即將到來，而且會落在你們會計年度第二季末。顯然，你提到「慶祝季」這個概念很重要。

But I know in the past, certainly, when the World Cup has been more aligned with your time zones, there has been an impact on the business. Curious how you're thinking through either marketing around it or building up any business around it, if anything at all?

但我知道過去，當世界盃的比賽時間帶更貼近你們的時區時，確實對業務有影響。想請教你們如何思考：是否會圍繞它做行銷，或建立任何相關的業務動能（如果有的話）？

Yes. I mean, when we are looking at it, I'm hopeful that the World Cup, when you think about it year-on-year, will provide some tailwinds. In my previous life, which was much more sports bar-rooted with respect to the World Cup, you really saw material movement around U.S. games, Mexico games, and sometimes when there was like a really, really big matchup.

是的。我的意思是，當我們在看這件事時，我希望世界盃從年對年的角度來看，能帶來一些順風。在我之前的工作經歷中，因為更偏向以運動酒吧為核心來看世界盃，你會看到在美國隊比賽、墨西哥隊比賽，以及有時候遇到非常、非常重磅的對戰時，業績會有明顯的變化。

So they were geographical and specific to matchups. And so we've looked at that in terms of our planning. We've also looked at where we have restaurants in proximity to stadiums and venues where games are going on to make sure we're doing the right things locally.

所以它具有地理性，也與特定對戰組合相關。因此我們在規劃上也把這些因素納入考量。我們也檢視了哪些餐廳位於球場與賽事場館附近，以確保我們在當地做對相應的事情。

And then you may see some fun rifts on some of our iconic products that live into celebrating the World Cup, as well as an important year for the U.S., so we're playing around there. So yes, on our radar, I hope it will provide some tailwinds, and we're going to have a little bit of fun with it from a marketing and engagement perspective.

另外，你可能會看到我們在一些經典產品上做些有趣的變化，來呼應世界盃的慶祝氛圍；同時這對美國而言也是重要的一年，所以我們也在這方面做一些嘗試。所以是的，這在我們的雷達上；我希望它能帶來一些順風，我們也會從行銷與互動參與的角度，讓它更有趣一些。

Got it. Thanks for taking the questions.

了解。謝謝你回答問題。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Hi, this is Allison on for Brian. Just one more on labor. But on the activity-based labor model, what percent of stores have it today? And any commentary you can share on learnings or data points you've noted through the scaling of this rollout would be great.

你好，我是 Allison，代 Brian 提問。再問一個關於人力的問題。就「以活動為基礎的人力模型」而言，目前有多少百分比的門店已導入？另外，關於這次擴大推行過程中的學習或你們注意到的數據重點，若能分享一些會很有幫助。

Yes, yes. We're still at about one-third of our stores that have the activity-based labor model. We're still targeting it to be deployed to the system over the course of this year. We probably won't do much of that in Q2 because of the importance of Q2.

是的，是的。目前大約有三分之一的門店採用了以活動為基礎的人力模型。我們仍以今年內在整個系統完成部署為目標。由於第二季的重要性，我們在 Q2 可能不會做太多推進。

So the next rollout phase will probably be more focused in Q3. What we continue to see with it is that it suggests that we have what I would call some marginal savings from a labor perspective because our looseness around our shoulder hours is more loose than the incremental labor we need at our peak hours is what the model is suggesting.

所以下一波推行階段可能會更集中在 Q3。我們持續看到的是：從人力角度來看，它顯示我們可以取得一些我所稱的邊際節省，因為模型指出，我們在離峰時段（肩峰時段）的排班鬆散程度，比我們在尖峰時段所需要增加的增量人力還要更鬆。

But the real KPIs that we continue to look at are in those restaurants, and are we seeing improvements across our guest metrics? And so we're pleased with that, and particularly where we're seeing, I think, most of the movement is in our speed metrics, which stands to logic as you get the right people in the right place at the right time. So overall, very much a build on the same story that you've heard before, on where we are and where we're going with that.

但我們持續關注的真正 KPI 是：在那些餐廳裡，我們是否看到顧客相關指標的改善？因此我們對此感到滿意，尤其我認為最明顯的改善出現在速度相關指標上，這也符合邏輯：在對的時間把對的人放在對的位置。所以整體而言，這基本上是在延續你之前聽到的同一個故事：我們目前的進展，以及接下來要如何推進。

Todd Brooks, Benchmark StoneX.

Todd Brooks，Benchmark StoneX。

Thanks for taking my questions. First, I was wondering about visibility into the celebration season, either through some of the advanced reservation capabilities and people utilizing those and being more aware of them year-over-year, or we're in the middle of graduation season now. Just Lyle, what's your take on the front end of celebration season here?

謝謝你回答我的問題。首先，我想問關於對「慶祝季」的能見度：不論是透過一些提前訂位功能，以及消費者使用率提高、年對年更熟悉這些功能；或者我們現在正值畢業季。Lyle，你怎麼看目前慶祝季前段的情況？

I mean, as I mentioned, I think in my comments, Todd, is that we've been pleased with the performance as we've gone into Q2 and some of the accelerated outperformance we've seen against Black Box benchmarks. And so we feel good about how Q2 has gotten out of the gates for us and hope that bodes well for the rest of the celebration season.

我的意思是，如同我在評論中提到的，Todd，我們對進入 Q2 後的表現感到滿意，也看到相對於 Black Box 基準的加速超越。因此我們對 Q2 的開局感覺不錯，也希望這對接下來整個慶祝季是個好兆頭。

I think we have pretty strong plans that are reinforcing our core equities that we've been building off of. So I feel really good about the plans we have in place and at least how the quarter has gotten started. So overall, feeling good right now.

我認為我們有相當強的計畫，持續強化我們一直在建立的核心品牌資產。所以我對現有計畫、以及本季一開始的表現都很有信心。整體而言，目前感覺良好。

And is this a period where it's so high volume that there's no opportunity to drive a lot more incremental traffic year-over-year? Is it more of a hold to hill? Or do you see opportunities to drive more traffic through the boxes this year?

那這段期間是否因為量太大，以至於年對年沒有太多機會再帶來更多增量客流？比較像是守住既有水準？還是你認為今年仍有機會讓更多客流進到門店？

I mean, look, when I look at our top, top performing restaurants and you look at the AUVs that they're driving, there's clearly headroom for most of the restaurants in our system to continue to service and move more people through our boxes. So I think it's a matter of us operating as efficiently as possible and really doing the fundamentals right. It's about having it staffed right. It's about full hands in and out of the kitchen.

我的意思是，你看我們表現最、最好的那些餐廳，以及它們所帶動的 AUV（單店年營收），很明顯我們系統中大多數餐廳仍有空間，能持續服務更多顧客、讓更多人流通過我們的門店。所以我認為關鍵在於我們要盡可能高效率地營運，把基本功做到位。包括排班要到位。包括廚房內外的動線與作業要滿手進、滿手出（提高效率）。

It's about busing and turning tables quickly. And we have our teams very, very focused on that. We've, over the past couple of years, been pushing towards getting more upfront reservations or at least as many as we can because it helps us be as planful as possible. But I think one of the things that we get credit for at BJ's from our guests is that we're a place where you can book ahead of time, but we're also a place that tends to be pretty flexible on accommodating people as they come through our doors. And I think that tends to be to our benefit. So I'm excited about the season.

包括清桌與快速翻桌。我們的團隊非常、非常專注在這些事情上。過去幾年，我們一直推動更多提前訂位，或至少盡可能多的訂位，因為這能幫助我們更有計畫地安排。但我認為在 BJ's，我們從顧客那裡獲得肯定的一點是：我們是一個你可以提前預訂的地方，但同時我們也往往相當有彈性，能在顧客走進門時盡量安排入座。我認為這對我們是有利的。所以我對這個季節感到很期待。

Todd, I'd just quickly add, Lyle commented on it in his prepared remarks, but right, we had roughly half of our restaurants setting records on Valentine's Day. And true for us, true for many in the restaurant business, that is typically one of, if not the highest volume days of the year. So seeing that many restaurants are able to raise the bar even further, I think, to me, very much says we have an opportunity to continue to grow even in the high season of Q2.

Todd，我再快速補充一下。Lyle 在事先準備的發言中也提到：情人節當天，我們大約有一半的餐廳創下紀錄。對我們而言、也對許多餐飲業者而言，那通常是全年最高量、或至少是最高量之一的日子。因此看到這麼多餐廳還能把標準再往上拉，我認為這非常清楚地說明：即使在 Q2 這種旺季，我們仍有持續成長的機會。

Okay, great. Thank you both.

好的，很棒。謝謝你們兩位。

Thank you.

謝謝。

This concludes our question-and-answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

以上為問答環節，會議也到此結束。感謝各位參加今天的簡報。您現在可以斷線。